The virtual companion care market is expected to secure a CAGR of 6.2% during the forecast period. The global market is estimated to reach a net worth of USD 14.4 million by 2033, improving from the current valuation of USD 7.9 million in 2023.
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How is Virtual Companion Care Beneficial for Aging Population?
The demand for virtual companion care benefits the aging population in various ways. A few of the benefits are as follows:
- Reduce Social Isolation: Several individuals experience social isolation due to living away from families and friends, mobility issues, and physical limitations. Adopting virtual companion care offers social engagement, interactions, and conversation that reduce loneliness and provide emotional support.
- Improve Mental Wellness: The increasing interaction with virtual companion care positively impacts individuals to improve mental health. Virtual companion care offers playing games, conversations, and reminding healthcare activities to promote a healthy lifestyle.
- Availability: Virtual companion care is available 24 hours for the elderly population. It accesses support, provides information, and engages with someone to talk whenever needed.
- Personalized Care: Virtual companions offer personalized care by adopting advanced technologies such as Artificial Intelligence algorithms. These technologies help to adapt the conversation, enhance experiences, and provide content that suits users.
- Medical Reminder and Health Monitoring: Virtual companions track medication reminders and notify individuals of appointments, health checkups, and monitoring. Due to these better healthcare reminders, the demand for virtual companion care is rapidly growing.
- Safety and Security: Virtual companion care ensures individual safety and security by offering features such as emergency call buttons and fall detection. These additional safety and security features are driving the global market.
- Encourages Independence: Virtual companions allow one to communicate with friends, family, and relatives through video calls, messages, and calls. It encourages seniors to maintain and control daily life routines and promote independence.
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Key Takeaways
- United States leads with 28.6% of the global market share.
- Germany follows at 9.5%, while Japan holds 4.4%.
- China is projected to grow the fastest with a CAGR of 7.4%.
- India follows at 6.3%, with Australia at 5.1% and the UK at 4.8%.
- North America accounts for 30.3% of the global market share.
- Key drivers include high internet and tech adoption among the elderly, a busy working-age population (25–45 years), and an increasing geriatric demographic.
- Europe holds the largest share at 33.5%.
- Growth is fueled by proactive government initiatives, strong internet infrastructure for the elderly, and a rising emotional need for companionship among aging individuals.
How Key Players Upsurge the Global Market?
The market is highly competitive by the number of key players worldwide. The key players are innovating improved and innovative products in the global market to attract their consumers. They develop products as per consumers’ requirements to increase sales volume.
The key players adopt several marketing strategies, including mergers, acquisitions, product launches, agreements, and partnerships. Through these strategies, the key players advance the market to another height.
Recent Developments in the Global Market are:
In 2020, Care Angel announced it’s newly launched AI-powered voice technology remote controlling monitoring for elders. This product helps to expand services for senior citizens.
Key Players Profiled
- Claris Healthcare Inc.
- General Electric Company
- AIST Japan
- GeriJoy Limited
- Living Assistance Services Inc.
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Virtual Companion Care Market by Category
By Type:
- Video Service
- Voice Service
- Others
By End User:
- Long-term Care Centres
- Home Care Settings
- Rehabilitation Centres
- Old Age Homes
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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